Value
portfolios based on a timely measures of book to price earn statistically
significant alphas ranging between 305 and 378 basis point per year against a
5-factor model itself containing the standard measure of value

We look at
sell-side analysts who are subsequently appointed to the boards of companies
they previously covered and find that boards appoint overly optimistic analysts
who are also poor relative performers.

We estimate
that Berkshires‛ leverage is about 1.6-to-1 on average. Berkshires‛
returns can thus largely be explained by the use of leverage combined with
exposures to Betting-Against-Beta and quality minus junk factors

On
average, stock prices rise around scheduled earnings announcement dates. We
show that this earnings announcement premium is large, robust, and strongly
related to the fact that volume surges around announcement date